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Hull City AFC to unveil new owners

Fri 17th Dec 2010 | Clubs Ownership

Hull City will unveil its new owners at a press conference this afternoon at the KC Stadium.

The club will officially announce Assem Allam and Ehab Allam as the new owners of the club after they completed the takeover following five weeks of due diligence.

The pair are reportedly preparing to clear the club’s £9m of bank debt cutting the overall debt to £12m..

That will leave a debt of £5m owing to Barclays Bank and £7m in outstanding transfer fees.

Last week, BBC Radio Humberside reported that the Allams have set aside £1m to keep HM Revenue & Customs at bay once the sale goes through.

And with the Egyptian businessmen having to invest more than initially anticipated, current owner Russell Bartlett is now expected to leave without any stake in the club.

 

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